coinbase hacker just bought $18.9m worth of eth at $4,756 – even scammers are bullish

this is wild. the wallet linked to that massive $300m+ coinbase social engineering scam just bought 3,976 eth for $18.9 million using dai. they literally bought at $4,756 right as eth was breaking above $4,700.

arkham intelligence tracked the purchase on saturday. the hacker consolidated various dai amounts from $80k to $6m before executing multiple eth buys. this isn't their first rodeo either – they've been actively trading with stolen funds for months.

what's crazy is their trading history. in july they bought 4,863 eth at around $3,562 (that's up 33% now). last month they grabbed $8m worth of solana which is actually down from their entry. but this latest eth purchase at $4,756 shows they're still betting big on ethereum.

the timing is interesting. eth just hit $4,763 – highest level in over two weeks. either this scammer has good market timing or they just helped push the price higher with their massive buy.

zachxbt estimated this campaign defrauded victims of at least $330 million, possibly more. the fact that they're still actively trading millions while being tracked by blockchain analysts is insane. you'd think they'd try to lay low.

meanwhile some trader on hyperliquid turned $125k into $6.8m profit on a leveraged eth long, showing legitimate traders are also making bank on this run.

it's surreal seeing stolen funds being used to accumulate eth right as we're pumping. makes you wonder how much of the buying pressure is coming from questionable sources.

thoughts on this? does it matter where the buying pressure comes from if it drives price up?